An Analytical Study on Whether Cryptocurrency Qualifies as Money: Islamic, Economic, and Legal Perspectives
DOI:
https://doi.org/10.64337/rgj.v1i4.142Keywords:
Concept of money, functions of money, conditions of money, cryptocurrencies.Abstract
This study aims to provide a comprehensive and critical response to the central question of whether cryptocurrencies meet the necessary criteria to be recognized as "money," supported by the views of Islamic scholars, legal experts, and economists.
The study adopts inductive and comparative methodologies and falls within the field of economic sciences. The research is divided into two chapters: the first discusses the concept of money, its functions, and conditions, while the second examines the question: Are cryptocurrencies money?.
The findings clearly demonstrate that cryptocurrencies do not fulfill the essential criteria for the definition of money, nor do they meet its fundamental economic functions or conditions, thereby precluding their classification as recognized money in both economic and legal frameworks.
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